US Dollar Rebounds and Euro Firms and Pound Has a Mixed Day

Monday was a mixed day for the Pound even though consumer credit rose to 0.7bn last month, way above expectations, as people increased their borrowing during the rebound after lockdown.

However, Brexit concerns and Northern Ireland protocol negotiations along with the latest Covid-19 variant are all weighing heavily on the Pound. According to the Foreign Exchange Market, this saw the currency finish at 1.179 against the Euro and 1.3315 against the US Dollar.

The Euro continued moving upwards yesterday, taking advantage of weakening peers as the Omicron variant continued to cause problems. There was a drop in consumer confidence as well as economic sentiment while a surge in German inflation which reached 6% was also not enough to give the single currency a stronger nudge in the right direction. 

The US dollar weakened at the start of the day as there was an improvement in risk appetite following the market shock after the announcement of the Omicron variant last week. Despite this, the Greenback bounced back as it headed into the afternoon as investors continued to take advantage of the strength of the safe-haven currency.

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